Texas Tech’s Personal Financial Planning Division to Become Department

Personal Financial Planning (PFP) at Texas Tech is widely recognized as the premier PFP program, and was featured this month as one of the 10 standout financial planning schools by Financial Planning magazine.

The division of Personal Financial Planning (PFP) at the College of Human Sciences at Texas Tech University will soon become the Department of Personal Financial Planning.

“The growth and development of the Texas Tech PFP program over the past 10 years has been truly amazing,” said Linda Hoover, dean of the College of Human Sciences. “I am pleased that PFP’s designation as a department has been approved.”

Professor Vickie Hampton, who has led the PFP group since 2001, will serve as chairwoman of the program that features 12 full-time faculty members, five graduate adjunct faculty members, approximately 125 undergraduate students, 120 masters students and 35 doctoral students. There are also approximately 1,000 students per semester taking basic personal finance courses, with nearly 100 of those students minoring in personal finance. PFP also has one endowed chair, courtesy of the CH Foundation, and more than $1 million in research funding.

The PFP major evolved from the family finance major more than 25 years ago. It was established under the leadership of associate professor Bill Gustafson, with a vision to focus financial knowledge on families and achievement of their personal financial goals. Though the industry is relatively small, CNNMoney Magazine ranked financial planning as one of the fastest growing careers in the country.

Under Hampton’s leadership, the division became one of the most active programs of its kind. PFP at Texas Tech is widely recognized as the premier PFP program, and was featured this month as one of the 10 standout financial planning schools by Financial Planning magazine. Notably, three of the other schools highlighted are led by graduates who earned their doctorates from Texas Tech’s PFP program, and three more have hired Texas Tech graduates.

The change in status from a division within the College of Human Sciences to a distinct department, however, represents much more than mere semantics.

“Elevation to the Department of Personal Financial Planning provides the visibility and focus needed to enhance quality growth and research productivity,” Hampton said. “We can better meet the needs of our students and do so with greater administrative efficiency than is possible in the current organizational structure.”

The mission of the department is to educate students to the highest standards of excellence; foster intellectual, ethical and personal development; and generate the highest quality of meaningful research.

“The program is already considered a top-tier PFP program,” Hoover said. “Attaining departmental status will enhance its visibility with potential students and faculty, donors and foundations, and the financial industry.”

The new department’s priorities will include maintaining national recognition and the highest quality faculty, while preparing students to become articulate leaders, ethical decision-makers and competent scholars in the field of PFP.

“We are educating the next generation of financial planning professionals,” Hampton said.

 The change is effective fall 2012.

CONTACT: Vickie Hampton, department chairwoman and professor, Department of Personal Financial Planning, College of Human Sciences, Texas Tech University, (806) 742-5050 ext. 227 or vickie.hampton@ttu.edu.